Consumer confidence increased three points to -27 in May, new data shows.
GfK’s long-running Consumer Confidence Index shows that all measures of confidence – personal finances, the economy, major purchases, and savings – were up in comparison to last month’s announcement.
Joe Staton, Client Strategy Director at GfK, said: “This is the fourth monthly increase in a row from January’s score of -45. While Brits have little control over the general economy, it’s good to see further improvement in how people view their personal finances in the next 12 months with a robust five-point jump to -8. This measure most keenly reflects our hopes and fears for the coming year, and it underpins our ability to spend on goods and services that drive our economy.
“Of course, the headline score of -27 means we’re still deep in negative territory and a long way from any ‘sunny uplands’. However, the overall trajectory this year is positive and might reflect a stronger underlying financial picture across the UK than many would think. But everybody must hold on tight as it could still be a rocky ride out of these tough times.”
